Banked Pay Form

Important note:

  • The Banked Pay Program operates annually, commencing on 1st of July and concluding on 30th of June of each financial year.
  • Employees may apply for the Banked Pay program at any time within a financial year.
  • All banked pays must be withdrawn by the 30th of June; any remaining balance will be automatically paid out to the employee in the last pay of the financial year.
  • Deductions for banked pays will align with the employee's regular pay cycle.
  • To ensure timely processing, withdrawal requests must be submitted one week in advance before your next scheduled pay date.
Name
Would you like to bank pay OR withdraw banked pay
Agreement

I declare and acknowledge the following:



  • I voluntarily entered into this Banked Pay Program.

  • I have sought my own independent financial advice regarding this Program and its suitability for my circumstances.

  • I confirm the accuracy of the information provided and authorize The Recruitment Hive Pty Ltd to implement this request.

  • I agree and understand that this program does not in any way alter the fundamental terms of my employment contract.

  • I understand that access to this program may be varied by mutual agreement in writing between The Recruitment Hive Pty Ltd and the Employee (me).

  • I acknowledge and agree that it is my obligation to withdraw all banked hours before the conclusion of the current financial year. Should any balance remain, The Recruitment Hive Pty Ltd will automatically process and disburse the outstanding hours prior to the financial year-end to me without any notice.

  • The Recruitment Hive Pty Ltd may terminate the Employee's (me) access to this program by providing 2 weeks' written notice to the Employee (me).

  • The Employee (me) may leave this program by providing 2 weeks' written notice to The Recruitment Hive Pty Ltd.

  • Upon termination of access to this program, any outstanding balance of banked hours will be paid out to the Employee in the next pay period following the termination date, at the Employee's ordinary rate of pay.


Clear Signature